The team toured Litchfield National Bank with Mike Fleming who gave the team members his "two cents" on business and banking (literally)!

Mike discussed the importance of record keeping and keeping up with technology. Coming from a family of bankers, mike used the example of his dad with his grandfather. “One of dad's jobs early on was filling ink quills around the bank when he decided to talk to his dad about a new technology of the day: Ink pens. They were very expensive when they first came out but now we buy them in bulk for advertisement.”

Mike discussed the bank's reversal of assets and liabilities compared to other businesses. "A loan for us is an asset but a liability for the borrower. On the other hand, a customer's savings is an asset for that customer and a liability for the bank." The concept introduced the team to the possibilities of banking for their businesses. Mike discussed a balance sheet, and how a business measures their owner's equity from its assets and liabilities.

Mike concluded the tour by introducing the team to the Bank Board. The team shared their personal stories with the board about CEO and what they hope to get out of the experience. A shared opinion was learning the value and investment of small town communities and local businesses. Erin Kistner added, "I also really enjoy the network that I am building with local professionals and how it will shape my own business."

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